[citation needed] The company was founded in 1857, in Saint Petersburg, Russia as a boiler works and small foundry.

In 1912 the company received a contract for a number of Orfey-class destroyers originally designed by AG Vulcan Stettin.

According to industry rankings by Platts in various years from 2008-2010, LMZ was not listed among the significant manufacturers of steam, gas or hydro turbines by worldwide market share.

[5] On July 13, 2022, the notorious Anonymous aligned hacktivist group NB65 stated they had hacked LMZ as a result of Russia's Invasion of Ukraine.

NB65 claimed (via Twitter) to have infiltrated their entire network, including usernames, passwords, emails, and communications, with multiple photos to provide evidence.